Yes, you may be able to claim the residential energy credit for it, but not on your 2025 return. You cannot deduct that on your 2025 return, assuming they were installed and operable in 2024.
The loan is not relevant to the credit. You would use the amount you were charged for the panels. So if you paid $40k for the panels, it does not matter whether it was paid with a loan or cash, the amount you can take a credit based off of is $40k. You cannot include financing fees in the calculations.
In order to claim the credit you would need to Amend Your Return for 2024.
The Residential Energy Credit is a non-refundable credit, however this one can be carried forward to future tax years until this credit goes away which is currently set to happen in 2034
This credit is worth up to 30% of the cost of the equipment, with no maximum limit. The items that fall into this category are as follows:
- Geothermal Heat Pumps
- Small Wind Turbines
- Solar Energy Systems
- Fuel Cells
- Battery Storage Technology
This credit can be taken for new construction
To enter these credits into TurboTax take the following steps:
- Federal
- Deductions and Credits
- I'll Choose what I work on
- Home Energy Credits which is under the "Your Home" category
https://www.energystar.gov/about/federal_tax_credits
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